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Circa Reports Sales and Operating results for the Second Quarter Ended June 30, 2014 and common shares issued under the Share Acquisition Plan

CALGARY, Aug. 7, 2014 /CNW/ - Circa Enterprises Inc. (CTO-TSXV) (the "Company" or "Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, reports results of operations for the second quarter ended June 30, 2014 and the issuance of common shares under the Share Acquisition Plan.

OPERATING RESULTS

Summary of second quarter operating results:

  • Q2 2014 consolidated sales of $7.1 million, representing a 25.2% increase compared to Q2 2013 sales of $5.6 million
  • Profit for the period from continuing operations for Q2 2014 of $316,000 compared to profit from continuing operations of $178,000 for Q2 2013
  • Earnings per share of $0.03 for Q2 2014 compared to earnings per share of $0.02 in Q2 2013
  • EBITDA of $512,000 for Q2 2014 compared to EBITDA of $301,000 for Q2 2013 (see below for explanation and calculation of EBITDA)
  • Working capital of $7.7 million, including $756,000 in cash and no outstanding debt at June 30, 2014

Summary of year-to date operating results:

  • Consolidated sales of $14.4 million for the six months ended June 30, 2014, compared to sales of $10.2 million for the six months ended June 30, 2013
  • Profit for the period from operations for the six months ended June 30, 2014 of $591,000, compared to a loss for the period from operations of $26,000 for the same period in 2013
  • EBITDA of $976,000 for the six month period ended June 30, 2014, compared to EBITDA of $113,000 for the same period in 2013

EBITDA is earnings before interest, taxes, depreciation and amortization.  EBITDA is a non-IFRS financial measure and does not have any standardized meaning prescribed by International Financial Reporting Standards and, therefore, may not to be comparable to similar measures presented by other issuers.  Management believes that EBITDA is a useful supplemental measure, which provides an indication of the results generated by Circa's primary business activities prior to consideration of how those activities are financed, amortized or taxed.  Readers are cautioned, however, that EBITDA should not be construed as an alternative to comprehensive income determined in accordance with IFRS as an indicator of the Company's financial performance. EBITDA is calculated by the Company as follows:







(unaudited)
Six months

30 June 2014

(unaudited)
Six months

30 June 2013

(unaudited)
Three months

30 June 2014

(unaudited)
Three months

30 June 2013


$000's

$000's

$000's

$000's

Profit (loss) profit for the period from

operations

587

(26)

316

178

Income taxes

281

20

144

62

Interest

1

9

-

6

Depreciation and amortization

103

110

52

55

EBITDA

972

113

512

301

 

Consolidated sales for the second quarter of 2014 were $7.1 million -- a  25.2% increase over the same period in 2013. The increase in sales is primarily from the Telecom segment, which saw a 55.9% increase in sales over the same period in 2013, due to an increase in orders in its Telecom OEM products.

As a result of the increased sales, the Company earned an after tax profit of $316,000, compared to after tax profit of $178,000 in the second quarter of 2013.  Total comprehensive income decreased by $29,000; from a profit $253,000 in Q2 2013 to $224,000 in Q2 2014.  The drop in comprehensive income is attributed to exchange differences on the translation of foreign currency.

Grant Reeves, Circa's Interim President and Chief Executive Officer, stated:

"The Company posted excellent results for the second quarter and first half of the year chiefly as a result of Telecom OEM demand and to a lesser extent its Metals business. The Company expects to satisfy the majority of its Telecom OEM requirements for an underlying project in the third quarter. As a result of the anticipated conclusion of the underlying project the Company expects its product mix and volumes in the future to reflect this event. We are actively pursuing strategic additions to our portfolio that will allow the Company to continue its growth and profitable results."

CIRCA ENTERPRISES INC.
Consolidated Statements of Comprehensive Income


Unaudited






Six months

ended

30 June 2014

Six months

ended

30 June 2013

Three months

ended

30 June 2014

Three months

 ended

30 June 2013


$000's

$000's

$000's

$000's






Sales

14,384

10,194

7,058

5,637

Cost of sales

(11,177)

(7,955)

(5,426)

(4,289)

Gross profit

3,207

2,239

1,632

1,348

Selling, general and administrative

expenses

(2,338)

(2,236)

(1,172)

(1,102)

Operating profit

869

3

460

246

Other income

4

-

-

-

Finance costs

(1)

(9)

-

(6)

Profit (loss) before tax

872

(6)

460

240

Income tax expense

(281)

(20)

(144)

(62)

Profit (loss) for the period from

operations attributable to

shareholders of the Company

591

(26)

316

178

Other comprehensive income:





Exchange differences on translating

foreign operations, net of tax

25

121

(92)

75

Total comprehensive income for the

period attributable to shareholders of

the Company

616

95

224

253






Earnings (loss) per share (in $'s)





Basic and diluted

0.06

(0.00)

0.03

0.02

 

COMMON SHARES ISSUED UNDER ACQUISITION PLAN

On August 7, 2014 the Company issued an aggregate of 7,732 common shares to directors pursuant to the Company's Share Acquisition Plan at a deemed price of $0.97 per share in lieu of the cash annual retainer otherwise payable to the directors.

Circa Enterprises Inc. is a public company with operations in Alberta, Ontario and Florida. The outstanding common shares of Circa Enterprises Inc. are listed and trade on the TSX Venture Exchange under the trading symbol CTO. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company's quarterly financial statements and related management's discussion and analysis have been filed with certain securities regulatory authorities in Canada and may be accessed electronically through the SEDAR website at www.sedar.com.

SOURCE Circa Enterprises Inc.

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